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Glossary
Glossary IPS Payments Glossary of Terms
F
- Federal Reserve System
- The central bank of the United States created by Congress, consisting of a seven member Board of Governors in Washington, D.C., 12 regional Reserve banks, and member depository institutions that are subject to reserve requirements. All national banks are members; state chartered banks may elect to become members. The Board of Governors and the Reserve Banks supervise state members. Reserve requirements established by the Federal Reserve Board apply to non-member depository institutions as well as member banks. Both classes of institutions have access to Federal Reserve discount borrowing privileges and Federal Reserve services on an equal basis.
- File
- A group of ACH entries stored for delivery to an ACH receiving point.
- File Header Record
- The last record of an ACH file containing information necessary to route, validate, and track the ACH entries contained within the file.
- File Trailer Record
- The last record of an ACH file indicating termination of the information within the file.
- Financial Institution
- Any bank, savings and loan, credit union or other institution organized under either national or state banking laws capable of both accepting deposits and making loans.
- FTC
- Federal Trade Commission.
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